The law was passed by the State Duma on July 15, 2009, and approved by the Federation Council on July 18, 2009.
The Federal Law ratifies the Treaty on Establishing the Eurasian Economic Community [EurAsEC] Anti-Crisis Fund and the Agreement on Managing EurAsEC Anti-Crisis Fund Finances, signed on June 9, 2009, at a meeting of the EurAsEC Interstate Council of prime ministers in Moscow.
The Treaty establishes the EurAsEC Anti-Crisis Fund for the purposes of countering the negative impact the global financial crisis is having on the participating countries’ economies.
The Agreement stipulates the procedures for formation, placement and provision of the Fund’s money, management of its finances, as well as procedures governing withdrawal of participant countries from the Fund, cessation of the Fund’s operations, and the Fund’s status.
Implementing the Treaty and the Agreement will entail additional Russian federal budget expenditure totalling $7.5 billion.